That's right – the Mad Money host thinks it's good news – in fact very good news.

Here's why.

If the settlement is structured strategically, it could return JPM to normalized earnings. That, Cramer says, is a big deal for shareholders.

Lise Gagne | E+ | Getty Images

It means "We could then build an earnings model for the bank. And if we can build a model, we might be able to find out what JP Morgan's worth on an earnings basis. Currently we don't know what this bank can earn."

On top of that, Cramer said a settlement has another very positive effect – it removes the government from the equation, significantly.

Therefore it's reasonable to think, "A deal could free JP Morgan to buy back a ton of stock and boost the dividend tremendously. What could that be worth? How about a ten multiple, adding almost ten points to the stock," Cramer said.

"JP Morgan does better in a higher interest rate environment, one where the ten-year treasury goes to 4%,. That would add $4 billion to the bank's bottom line, making the company even more valuable," he said.

On top of all that, Cramer thinks that a settlement would make it all the more likely that CEO Jamie Dimon stays in the corner office. That too adds value.

Sure an $11 billion settlement is enormous, but Cramer said that should not spook shareholders. "If a settlement leads to certainty, that certainly should lead to a higher stock price. Therefore, I'm convinced $11 billion in fines is a real bargain," Cramer said.